NEW YORK--(BUSINESS WIRE)--February 13, 2026--
Rithm Property Trust Inc. (NYSE: RPT, "Rithm Property Trust" or the "Company") today announced the following information for the fourth quarter ended and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights:
-- GAAP comprehensive income of $2.5 million, or $0.33 per diluted common
share(1)(2)
-- Earnings available for distribution of $(0.5) million or $(0.06) per
diluted common share(1)(3)
-- Paid a common dividend of $2.7 million or $0.36 per common share
-- Book value per common share of $31.80(1)
Full Year 2025 Financial Highlights:
-- GAAP comprehensive income of $4.6 million, or $0.61 per diluted common
share(1)(2)
-- Earnings available for distribution of $(0.3) million or $(0.04) per
diluted common share(1)(3)
-- Paid a common dividend of $10.9 million or $1.44 per common share
Q4 2025 Q3 2025 FY 2025 FY 2024
------- ------- ------- ----------
Summary of
Operating Results:
Comprehensive
Income (Loss)
per Diluted
Common
Share(1)(2) $ 0.33 $(0.05) $ 0.61 $(13.01)
Comprehensive
Income (Loss)(2)
(in millions) $ 2.5 $ (0.4) $ 4.6 $ (87.1)
Non-GAAP Results:
Earnings
Available for
Distribution per
Diluted Common
Share(1)(3) $(0.06) $(0.09) $(0.04) $ (2.90)
Earnings
Available for
Distribution(3)
(in millions) $ (0.5) $ (0.7) $ (0.3) $ (19.4)
Common Dividend
Paid:
Common Dividend
per Share(4) $ 0.36 $ 0.36 $ 1.44 $ 1.68
Common Dividend
(in millions) $ 2.7 $ 2.7 $ 10.9 $ 12.7
(1) Per diluted common share calculations for both GAAP comprehensive
income/(loss) and earnings available for distribution are based on
weighted-average diluted shares of 7,571,555 and 7,570,421 for the
quarters ended December 31, 2025 and September 30, 2025, respectively.
Per diluted common share calculations for both GAAP comprehensive
income/(loss) and earnings available for distribution are based on
weighted-average diluted shares of 7,570,205 and 6,699,247 for the years
ended December 31, 2025 and 2024, respectively. Book value per share is
based on 7,571,699 common shares outstanding as of December 31, 2025. The
prior period share and per share amounts were adjusted to reflect the
impact of the one-for-six reverse stock split of the Company's common
stock which took effect on December 30, 2025.
(2) Comprehensive income/(loss) is a GAAP financial measure that adjusts GAAP
net income/(loss) by any unrealized gain (loss) on investment securities
measured at fair value through other comprehensive income/(loss) and the
related income tax effect, if any.
(3) Earnings available for distribution is a non-GAAP financial measure. For
a reconciliation of earnings available for distribution to GAAP
comprehensive income/(loss), as well as an explanation of this measure,
please refer to the section entitled "Non-GAAP Financial Measures and
Reconciliation to GAAP Comprehensive Income/(Loss)."
(4) The prior period share and per share amounts were adjusted to reflect the
impact of the one-for-six reverse stock split of the Company's common
stock which took effect on December 30, 2025.
Financial results for the quarter and year ended December 31, 2025, are included in the tables at the end of this press release.
Additional Information
For additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & Events - Presentations section of the Company's website, www.rithmpropertytrust.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.
Earnings Conference Call
Rithm Property Trust will host a conference call at 8:00 AM Eastern Time on Friday, February 13, 2026, to review its financial results for the fourth quarter and full year ended December 31, 2025. A webcast of the conference call will be available to the public on a listen-only basis at the Company's website, www.rithmpropertytrust.com. Participants are encouraged to pre-register for the webcast at https://events.q4inc.com/attendee/845909831. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events -- Press Releases section of the Company's website.
A replay of the conference call will also be available two hours following the call's completion through 11:59 P.M. Eastern Time on Friday, February 20, 2026 in the Events & Presentations section of the Company's website.
RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
Consolidated Statements of Operations
($ in thousands except share and per share amounts)
Three months ended Year ended
------------------------ --------------------------
December September December
31, 2025 30, 2025 31, 2025 December 31,
(Unaudited) (Unaudited) (Unaudited) 2024
----------- ----------- ----------- -------------
Net Interest Income
Interest income $ 12,540 $ 13,424 $ 52,800 $ 52,874
Interest expense (9,142) (9,436) (37,387) (43,572)
--------- --------- --------- ---------
Net interest income 3,398 3,988 15,413 9,302
Expenses
Related party loan
servicing fee 475 485 1,964 4,175
Related party
management fee 1,603 1,603 6,253 23,276
Professional fees 975 887 3,612 3,413
General and
administrative 1,254 990 4,160 9,026
--------- --------- --------- ---------
Total expense 4,307 3,965 15,989 39,890
Other Income (Loss)
Net change in the
allowance for credit
losses 7,003 -- 7,003 (5,087)
Unrealized gain on
residential
mortgage loans
held-for-sale,
net 2,210 194 5,892 (54,537)
Fair value
adjustment on
mark-to-market
liabilities -- -- -- 3,078
Other loss (4,916) (466) (10,785) (5,771)
--------- --------- --------- ---------
Total other income
(loss) 4,297 (272) 2,110 (62,317)
Income (Loss) before
Income Taxes 3,388 (249) 1,534 (92,905)
Income tax expense 146 24 60 145
--------- --------- --------- ---------
Net Income (Loss) 3,242 (273) 1,474 (93,050)
Net income (loss)
attributable to
the noncontrolling
interests (2) -- 2 (1,215)
--------- --------- --------- ---------
Net Income (Loss)
Attributable to Rithm
Property Trust Inc. 3,244 (273) 1,472 (91,835)
Dividends on
Preferred Stock 1,290 1,286 4,212 340
--------- --------- --------- ---------
Net Income (Loss)
Attributable to
Common Stockholders 1,954 (1,559) (2,740) (92,175)
Unrealized gain on
available-for-sale
securities 386 1,037 6,487 1,981
Amortization of
unrealized gain on
held-to-maturity
securities 141 141 857 3,055
--------- --------- --------- ---------
Comprehensive Income
(Loss) $ 2,481 $ (381) $ 4,604 $ (87,139)
========= ========= ========= =========
Net Income (Loss) per
Share of Common
Stock(1)
Basic $ 0.26 $ (0.21) $ (0.36) $ (13.76)
Diluted $ 0.26 $ (0.21) $ (0.36) $ (13.76)
Comprehensive Income
(Loss) per Share of
Common Stock(1)
Basic $ 0.33 $ (0.05) $ 0.61 $ (13.01)
Diluted $ 0.33 $ (0.05) $ 0.61 $ (13.01)
Weighted Average
Number of Shares of
Common Stock
Outstanding(1)
Basic 7,571,555 7,570,421 7,570,205 6,699,247
Diluted 7,571,555 7,570,421 7,570,205 6,699,247
(1) The prior period share and per share amounts were adjusted to reflect the
impact of the one-for-six reverse stock split of the Company's common
stock which took effect on December 30, 2025.
RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands except per share amounts)
December 31, 2025
(Unaudited) December 31, 2024
------------------- ---------------------
Assets
Cash and cash equivalents $ 79,321 $ 64,252
Restricted cash 811 --
Residential mortgage loans
held-for-investment, net 362,829 396,052
Residential mortgage loans
held-for-sale, net 29,419 27,788
Commercial mortgage-backed
securities, at fair value 273,783 246,614
Residential mortgage-backed
securities 189,947 197,916
Other investments 79,168 30,454
Other assets 26,249 14,263
-------------- --------------
Total Assets $ 1,041,527 $ 977,339
============== ==============
Liabilities and Equity
Liabilities
Secured bonds payable, net $ 226,243 $ 258,353
Repurchase financing
agreements 407,072 356,565
Unsecured notes, net 108,507 107,647
Accrued expenses and other
liabilities 8,608 8,006
-------------- --------------
Total Liabilities 750,430 730,571
Commitments and Contingencies
Stockholders' Equity
Preferred Stock 50,785 --
Common Stock $0.01 par
value, 125,000,000 shares
authorized, 7,848,703 and
7,847,520 shares issued
and 7,571,699 and
7,570,125 shares
outstanding,
respectively(1) 76 471
Additional paid-in capital 425,703 425,039
Treasury stock (11,596) (11,594)
Accumulated deficit (171,768) (158,003)
Accumulated other
comprehensive loss (1,647) (8,991)
-------------- --------------
Stockholders' Equity in Rithm
Property Trust Inc. 291,553 246,922
-------------- --------------
Noncontrolling interests (456) (154)
-------------- --------------
Total Stockholders' Equity 291,097 246,768
-------------- --------------
Total Liabilities and Equity $ 1,041,527 $ 977,339
============== ==============
(1) The prior period share and per share amounts were adjusted to reflect the
impact of the one-for-six reverse stock split of the Company's common
stock which took effect on December 30, 2025.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME/(LOSS)
"Earnings available for distribution" is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; and (ii) other net income and losses not related to the performance of the investment portfolio.
The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company's operating expenses and taxes.
The Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses.
With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments.
Management believes that the adjustments to compute "earnings available for distribution" specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP comprehensive income/(loss) which is inclusive of all of the Company's activities.
The Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, comprehensive income/(loss) or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
Reconciliation of GAAP Comprehensive Income/(Loss) to Earnings Available for Distribution
($ in thousands except per share amounts)
The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure:
Three months ended Year Ended December 31,
------------------------ --------------------------
December September
31, 2025 30, 2025 2025 2024
----------- ----------- --------- ---------
Comprehensive
income/(loss) --
GAAP $ 2,481 $ (381) $ 4,604 $ (87,139)
Adjustments:
Net income
(loss)
attributable
to
noncontrolling
interest (2) -- 2 (1,215)
Realized and
unrealized
gains (4,290) (272) (6,144) 50,036
Other
adjustments(1) 1,354 (47) 1,243 18,877
--------- --------- --------- ---------
Earnings Available
for Distribution
-- Non-GAAP $ (457) $ (700) $ (295) $ (19,441)
========= ========= ========= =========
Weighted average
shares -
basic(2) 7,571,555 7,570,421 7,570,205 6,699,247
Weighted average
shares -
diluted(2) 7,571,555 7,570,421 7,570,205 6,699,247
Basic Earnings
Available for
Distribution per
common share(2) $ (0.06) $ (0.09) $ (0.04) $ (2.90)
Diluted Earnings
Available for
Distribution per
common share(2) $ (0.06) $ (0.09) $ (0.04) $ (2.90)
(1) Other adjustments include amortization, transaction-related expenses, and
income taxes.
(2) The prior period share and per share amounts were adjusted to reflect the
impact of the one-for-six reverse stock split of the Company's common
stock which took effect on December 30, 2025.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain information which constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "seek," "believes," "intends," "expects," "projects," "anticipates," "plans" and "future" or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management's current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled "Cautionary Statement Regarding Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual and quarterly reports and other filings, including the Company's recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
ABOUT RITHM PROPERTY TRUST
Rithm Property Trust is a real estate investment vehicle externally managed by an affiliate of Rithm Capital Corp. ("Rithm Capital") (NYSE: RITM). The Company operates a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust ("REIT") for federal income tax purposes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260213155415/en/
CONTACT: Investor Relations
646-868-5483
ir@rithmpropertytrust.com
(END) Dow Jones Newswires
February 13, 2026 06:45 ET (11:45 GMT)